IndianOil Kotak Credit Card – Benefits, Fees & Eligibility

Introduction

The IndianOil Kotak Credit Card, issued by Kotak Mahindra Bank, is an entry-level co-branded fuel credit card, primarily positioned for individuals new to credit who frequently refuel at IndianOil outlets. Operating on the Rupay network with contactless payment capability, it offers significant savings on fuel, accelerated reward points on grocery and dining, and a welcome bonus, aiming to provide a rewarding experience for daily travel and essential spends.

Welcome Benefits

• Get 1000 Reward Points on spending Rs. 500 or more within 30 days of card issuance.
• This benefit is applicable only to cardholders who pay the joining fee.
• The welcome benefit is valid on a single transaction of Rs. 500 or above.
• The benefit will be credited within 3 months of completing the qualifying transaction.

Fees & Charges Breakdown

• Joining Fee: Rs. 449 + GST (or Rs. 449).
• Renewal Fee: Rs. 449 + GST (or Rs. 449).
• Spend-Based Waiver: The annual fee is waived on spends of Rs. 50,000 or more in the previous anniversary year.
• Reward Redemption Fee: Nil.
• Foreign Currency Markup: 3.5%.
• Interest Rates: 3.75% Per Month or 45% Per Annum.
• Fuel Surcharge Waiver:
  • 1% waiver on fuel spends between Rs. 100 and Rs. 5,000.
  • Applicable only at IndianOil Pumps.
  • Maximum waiver of Rs. 100 per statement cycle.
  • This feature is not applicable on UPI transactions.
• Cash Advance Charges: 2.5% of the cash withdrawn, subject to a minimum charge of Rs. 500.
• Add-on Card Fee: Free.
• Replacement Card Fee: Rs. 100.

Rewards & Cashback Structure

• Earning Rate

  • Earn 24 Reward Points on every Rs. 150 spent on fuel at IndianOil outlets (equivalent to 4% back).
  • Maximum of 1200 Reward Points can be earned per month on fuel spends.
  • Earn 12 Reward Points on every Rs. 150 spent on grocery and dining (equivalent to 2% back).
  • Maximum of 800 Reward Points can be earned per month on grocery and dining spends.
  • Dining & Groceries 2% back is valid only on select merchant categories: 5812, 5814, 5813, 5411, 5311, 5399, 5422, 5451, 5499 & 5441.
  • Earn 3 Reward Points on every Rs. 150 spent on other transactions (equivalent to 0.5% back).
  • There is no maximum monthly capping on reward points for other spends.
  • All UPI on Credit Card transactions will accrue 0.5% Reward Points on every Rs. 150 spent, across spend categories.

• Reward Redemption Options

  • Cashback: Redeem Reward Points as cashback at the rate of 1 RP = Rs. 0.20. A minimum of 2,000 Reward Points is required for cashback redemption.
  • Kotak Rewards: Redeem accrued Reward Points at Rs. 0.25 per point against an exclusive catalog of benefits on kotakrewards.com. Options include merchandise, e-vouchers of latest brands, movie vouchers, travel, and mobile recharge.
  • IndianOil XTRAREWARDS: Convert Reward Points into IndianOil XTRAREWARDS points only in multiples of 300 through Net or Mobile Banking. 300 RPs = 250 XTRAREWARDS points, where 1 XTRAREWARD point is worth Rs. 0.30. These points can be used to pay for fuel at IndianOil outlets.

Travel, Lounge & Lifestyle Perks

• Lounge Access: The card does not offer complimentary airport or railway lounge access.
• Insurance Benefits: Get an insurance cover worth Rs. 2 Lakhs for personal accidents.
• Concierge Services: Avail personal concierge services and assistance for gift delivery, restaurant bookings, flower delivery, car rental, limousine reservation, movie ticket booking, and golf reservations. These services can be availed by calling 1800-26-78729 and are applicable on the Rupay variant only.
• Dining Discounts: Earn 12 Reward Points on spending Rs. 150 on dining, which is 2% back as reward points.

Card Eligibility Criteria & Income Requirements

• Residency: Individuals must be a resident of India.
• Age: Individuals must be between 18 and 65 years of age.
• Income: Individuals must have a stable source of income.
• Required Documents:
  • ID Proof: PAN Card.
  • Address Proof: Aadhar Card, Electricity/Water Bills, Ration Card, Passport, etc.
  • Income Proof: Latest salary slips, Form 16, latest bank statements, audited ITR.

Credit Card Review

The IndianOil Kotak Credit Card is an excellent choice for individuals who frequently travel by vehicle and refuel regularly, especially at IndianOil outlets, and are new to credit. It offers a good welcome benefit and accelerated reward points on fuel, dining, and grocery spends. Reward points are flexible, redeemable as cashback, through Kotak Rewards, or convertible to IndianOil XTRAREWARDS points for fuel payments. Cardholders have the potential to earn up to 60 liters of free fuel annually, with benefits potentially reaching ₹8000 per annum on monthly spends of ₹30,000 (assuming 1 Reward Point = ₹0.25). While there are maximum monthly caps on reward points for fuel, dining, and grocery, the card's overall benefits, including personal accident insurance and concierge services, generally outweigh this limitation.

Important Product Details

• Card Type: Co-branded fuel credit card.
• Network: Rupay Contactless.
• Contactless Payment: Make transactions of up to Rs. 5,000 without entering a PIN using Rupay Contactless technology.
• Add-on Card: Free add-on cards are available, offering all primary card benefits, with customizable spending limits and separate spend tracking.
• Key Highlights:
  • Up to 60 liters of free fuel annually.
  • Personal accident insurance cover of Rs. 2 Lakhs.
  • Concierge services available.
  • Annual fee waiver on achieving a reasonable spend threshold.
• Potential Downside: Maximum capping on reward points for specific categories (fuel, dining, grocery).

Other Details

• The 5% savings on IndianOil fuel spends is calculated as 4% back in the form of Reward points and 1% back as Fuel Surcharge waiver.
• The Kotak Rewards portal is governed by a separate set of Terms & Conditions.
• The IndianOil Kotak Credit Card is a co-branded fuel card launched in partnership with IndianOil Corporation Limited.
• IndianOil has over 34,000 outlets across the country.
• The card is suitable for those who want to get the most out of their daily travel.
• The card helps save money on a category where spends pertain to a significant amount.
• The card is a good option if you frequently purchase fuel and helps you earn significant rewards or discounts compared to regular credit cards.
• The card offers potential annual benefits of ₹8000 based on monthly spends of ₹30,000, assuming 1 Reward Point = ₹0.25. This includes:
  • Welcome Benefit: ₹250
  • 4% back on IndianOil Fuel Spends (₹10,000 monthly): ₹3,600
  • 1% Fuel Surcharge Waiver on IndianOil Spends: ₹1,200
  • 2% back on Dining & Grocery Transactions (₹10,000 monthly): ₹2,400
  • 0.5% back in Reward points on other spends (₹10,000 monthly): ₹600
  • Annual Fee waiver: ₹449